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Irs Form 8863

Those individuals wanting to get their education credits, such as the Hope or Lifetime Learning credits, have to file the IRS Form 8863. This form also functions as a worksheet, because it allows the taxpayer to calculate the amount of his or her credit. In 2008, students were eligible for a maximum $1,800 ($3,600 for students in Midwestern disaster areas). This could be applied to the first two years of post-secondary education expenses. However, changes have been made for the 2009 and 2010 tax years including an extension to include the first four years of post-secondary education.

Fast Facts

  • The amount of the return has increased to $2,500 per student in 2009 and 2010.
  • The term "qualified tuition and related expenses," which is used in the language of the Hope credit, has been expanded to include expenditures for course materials, including books and supplies.

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